BCE (NYSE:BCE) Trading 0.2% Higher – Here’s Why

BCE Inc. (NYSE:BCE) (TSE:BCE)’s stock price shot up 0.2% during mid-day trading on Thursday . The stock traded as high as $23.49 and last traded at $23.20. 456,520 shares were traded during trading, a decline of 86% from the average session volume of 3,293,218 shares. The stock had previously closed at $23.15.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on BCE shares. Bank of America lowered BCE from a “neutral” rating to an “underperform” rating in a report on Tuesday, January 14th. National Bank Financial downgraded BCE from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 30th. Morgan Stanley started coverage on BCE in a research report on Monday, December 16th. They set an “underweight” rating on the stock. Canaccord Genuity Group lowered shares of BCE from a “buy” rating to a “hold” rating in a research report on Tuesday, November 5th. Finally, Edward Jones cut shares of BCE from a “buy” rating to a “hold” rating in a research note on Tuesday, November 5th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $45.00.

BCE Stock Performance

The company’s 50-day moving average is $24.63 and its two-hundred day moving average is $30.35. The company has a market capitalization of $21.46 billion, a P/E ratio of 336.07, a PEG ratio of 3.83 and a beta of 0.56. The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 2.26.

BCE Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Monday, December 16th were given a dividend of $0.737 per share. The ex-dividend date of this dividend was Monday, December 16th. This represents a $2.95 annualized dividend and a dividend yield of 12.53%. This is a boost from BCE’s previous quarterly dividend of $0.73. BCE’s dividend payout ratio (DPR) is 4,028.57%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BCE. Hexagon Capital Partners LLC raised its position in BCE by 121.2% during the third quarter. Hexagon Capital Partners LLC now owns 1,232 shares of the utilities provider’s stock valued at $43,000 after purchasing an additional 675 shares in the last quarter. Blue Trust Inc. increased its position in shares of BCE by 1,147.3% during the 4th quarter. Blue Trust Inc. now owns 1,397 shares of the utilities provider’s stock valued at $32,000 after purchasing an additional 1,285 shares during the last quarter. Brown Brothers Harriman & Co. purchased a new position in shares of BCE during the 3rd quarter valued at about $51,000. Bruce G. Allen Investments LLC lifted its position in BCE by 321.0% in the 3rd quarter. Bruce G. Allen Investments LLC now owns 1,663 shares of the utilities provider’s stock worth $58,000 after buying an additional 1,268 shares during the last quarter. Finally, Legacy Investment Solutions LLC bought a new stake in BCE in the 3rd quarter worth approximately $65,000. 41.46% of the stock is currently owned by hedge funds and other institutional investors.

About BCE

BCE Inc, a communications company, provides wireless, wireline, Internet, and television (TV) services to residential, business, and wholesale customers in Canada. The company operates through two segments, Bell Communication and Technology Services, and Bell Media. The Bell Communication and Technology Services segment provides wireless products and services including mobile data and voice plans and devices; wireline products and services comprising data, including internet access, internet protocol television, cloud-based services, and business solutions, as well as voice, and other communication services and products; and satellite TV and connectivity services for residential, small and medium-sized business, government, and large enterprise customers.